Clients ‘were misled over banking laws’

Share via

Allen Stanford allegedly said that the rules in Antigua prevented release of detailed information about investmentsChris Baltimore/Reuters

Tom DartHouston

Last updated at 11:20PM, January 31 2012

Allen Stanford bankrolled the Antiguan government investigation designed to
clean up the island’s financial sector, a court was told yesterday.

Althea Crick, an Antiguan regulator, said that Stanford International Bank was
so powerful that when the island initiated Operation Clean Slate in 1999,
the review was based in offices built by Mr Stanford and he placed several
employees on the committee.

Ms Crick said that changes to legislation as a result of Operation Clean Slate
were later repealed. She said concerns were raised that the legislation
might have weakened the regulatory regime and there was “a general concern
about the